Report: Virus Threatens To Wipe Out 14 Million Jobs in U.S.

Report: Virus Threatens To Wipe Out 14 Million Jobs in U.S.

A report released this week shows more than 9,000 jobs have been lost in the aftermath of the Coronavirus outbreak and as many as 14 million jobs could be lost due to the virus.

According to a report from Challenger, Gray & Christmas, which tracks jobs by industry around the country, the entertainment and leisure industry has been hit the hardest by the coronavirus outbreak. More than 8,000 jobs in the field have been lost and, according to Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, more job cuts are coming.

“Job cuts will continue due to this outbreak as companies prepare to put business on hold for at least a month. More hotels, restaurants, and bars will undoubtedly make major cuts in the coming weeks,” Challenger said.

The report added that due to mandatory closures of non-essential businesses, more than 14 million jobs in leisure and hospitality are at risk. CNBC has reported that upcoming weekly unemployment claims will reach unprecedented heights, leading to the White House asking state officials to hold unemployment numbers in an effort to keep the stock market calm.

Although the future might look bleak for some, other industries, including online grocery stores are thriving. Amazon and other retail giants are now looking for extra workers. The New York Post reported Amazon is trying to buy four Fairway Stores locations in New York and New Jersey in order to deal with the rising demand in online orders. Trader Joe’s will share the increased profit with its employees.

According to the report, healthcare workers around the country are being called out of retirement, while research scientists, biologists, and pharmacists are being hired to help develop a vaccine. Shipping and trucking companies are hiring extra workers to keep the U.S. supply chain moving. Janitorial companies that specialize in deep cleaning services are also in high demand.